TLDR; Web3 domains are domains that live on a public blockchain and give users complete ownership of their stored data. The main benefits to owning one are simplifying crypto transactions by replacing wallet addresses with the domain name and easily creating and hosting websites on web3.
If you haven’t heard yet, web3 domains are the newest kids on the block(chain) and they have the power to change what we know of as the internet today. But before we dive into all that goodness, let’s take a step back to run through what traditional domains are and define NFTs — that way, you can truly understand the superpowers behind web3 domains.
Typically, you interact with a traditional domain when you type the address (like Twitter.com) into your browser. But did you know traditional domains were originally built to do so much more on the internet? Think of functionalities like email and payments. Hard to believe, right?
But as we can see, traditional domains haven’t progressed much beyond displaying websites. This might be because traditional domains have been controlled by centralized servers since the internet was created. This made it much more difficult for developers to innovate on top of that technology.
Luckily for us, the tech that powers web3 domains (a.k.a. blockchains) opens up a whole new realm of possibilities for us on the web!
Okay, so how does blockchain technology make these web3 domains so special?
Great question! web3 domains are essentially a suite of smart contracts, which is a fancy term to describe software written on a public blockchain. This means that instead of one company controlling your data online, the power is transferred back to you as the user. And by being built on blockchains, anyone can look at the data stored there, creating a level of ultimate openness and transparency.
On top of that, there is the benefit of enhanced security — only you hold the power to make updates to your web3 domain, which minimizes worries about servers getting hacked or domains getting stolen.
All that to say, blockchain superpowers give everyone a safer way to surf the internet while also giving control back to you over what gets shared and where it gets shared.
Cool, I’m starting to get the power of blockchain but am still not 100% sure what I can DO with a web3 domain?
We were just about to get to that! To quickly summarize, here are your domain’s superpowers (with more exciting new features on the way):
- Simplify crypto transactions by replacing all your complicated wallet addresses with your domain name as your username.
- Use your domain to receive coins and tokens across multiple blockchain networks.
- Login to apps with your domain name as your universal web3 username.
- Unlike traditional domains, fully own and control your domain. You buy it once, you own it for life!
- Easily create and host websites, ranging from personal websites to NFT galleries.
To learn more, check out r/unstoppabledomains!
submitted by /u/UnstoppableWeb
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